Manufacture opting for Composition scheme are now required to Pay 1 % GST

Manufacture opting for Composition scheme are now required to Pay 1 % GST

January 3, 2018 Fiscal, Industries, states 0

Central Board of Excise and Customs has issued Notification No. 01/2018 – Central tax dated 1st January, 2018 and has notified the uniform rate of tax @ 1% GST (i.e 0.5 % CGST and 0.5 % SGST) under composition scheme for both manufacturers and traders.

Further, the traders are required to pay 1% GST of the turnover of taxable supplies of goods under the composition scheme.

Source : Central board of excise and Customs

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